A 5,000-Year-Old Plan to Erase Debts Is Now a Hot Topic in America

[megman]

(Bloomberg) — In ancient Babylon, a newly enthroned king would declare a jubilee, wiping out the population’s debts. In modern America, a faint echo of that idea -- call it jubilee-lite -- is catching on.

Support for write-offs has been driven by Democratic presidential candidates. Elizabeth Warren says she’d cancel most of the $1.6 trillion in U.S. student loans. Bernie Sanders would go further -– erasing the whole lot, as well as $81 billion in medical debt.

But it’s coming from other directions too. In October, one of the Trump administration’s senior student-loan officials resigned, calling for wholesale write-offs and describing the American way of paying for higher education as “nuts.’’

Real-estate firm Zillow cites medical and college liabilities as major hurdles for would-be renters and home buyers. Moody’s Investors Service listed the headwinds from student debt -– less consumption and investment, more inequality -- and said forgiveness would boost the economy like a tax cut.

While the current debate centers on college costs, long-run numbers show how debt has spread through the economy. The U.S. relies on consumer spending for growth -– but it hasn’t been delivering significantly higher wages. Household borrowing has filled the gap, with low interest rates making it affordable.

And that’s not unique to America. Steadily growing debts of one kind or another are weighing on economies all over the world.

https://finance.yahoo.com/news/5-000-ol ... 00406.html

[CHEEZY17]

Why do colleges charge so much?
Because they can.

Higher education costs certainly are over the top but I'm not sure wiping the slate clean is the right answer.

[necronomous]

Why do colleges charge so much?
Because they can.

Higher education costs certainly are over the top but I'm not sure wiping the slate clean is the right answer.

The government. That's why.

[VinceBordenIII]

Why do students go to expensive, 2nd rate private colleges when they can go to JC and then a better public college for much less? Why should you get debt forgiveness for studying French History?

[necronomous]

Why do students go to expensive, 2nd rate private colleges when they can go to JC and then a better public college for much less? Why should you get debt forgiveness for studying French History?

Also the government, and horrible parenting

[VinceBordenIII]

Why do students go to expensive, 2nd rate private colleges when they can go to JC and then a better public college for much less? Why should you get debt forgiveness for studying French History?

Im a big believer in the liberal arts and have encouraged my kids to major in one. I have two English majors and one history major.

That's fantastic, but it's not an avenue into a lucrative trade. Sure, you can get a job and work your way up, and higher general ed is great, as far as being "educated." But life is not a cocktail party in the Hamptons.

Training for a good trade is important, and I like the idea of a sort of vetting of the would-be intellectuals, as I was an enlisted man who had to take a lot of shit from college graduate officers who couldn't hold a candle to many of the enlisteds, intellectually.

[VinceBordenIII]

Why do students go to expensive, 2nd rate private colleges when they can go to JC and then a better public college for much less? Why should you get debt forgiveness for studying French History?

Also the government, and horrible parenting

Some of this debt is those technical institutes, that took advantage of federally guaranteed loans.

[beagleboy]

You could cut dramatically the tuition rates by setting up a federal payment plan for public universities. Missouri has a local public university that is $5,200 per year. If they could get a crapload of free federal funded students, I imagine a ton of Universities could figure out how to handle a plan at that rate.

Western Governors is a public online only University - $6.5k per year. 100% owned by something like 19 different states. Couple friends of mine work there part time as professors.

[VinceBordenIII]

Why do students go to expensive, 2nd rate private colleges when they can go to JC and then a better public college for much less? Why should you get debt forgiveness for studying French History?

Im a big believer in the liberal arts and have encouraged my kids to major in one. I have two English majors and one history major.

That's fantastic, but it's not an avenue into a lucrative trade. Sure, you can get a job and work your way up, and higher general ed is great, as far as being "educated." But life is not a cocktail party in the Hamptons.

Training for a good trade is important, and I like the idea of a sort of vetting of the would-be intellectuals, as I was an enlisted man who had to take a lot of shit from college graduate officers who couldn't hold a candle to many of the enlisteds, intellectually.

Really? The two English majors want to attend law school. What better major than learning how to communicate and write effectively?

Well then they’re going on to study something else. A trade, if you will. Not the same as graduating with a bs in English and trying to make your way.

[beagleboy]

Told a guy that law school, med school and accounting classes to become a CPA is learning a trade.

Wow he got pissed.

[Stapes]

Why do students go to expensive, 2nd rate private colleges when they can go to JC and then a better public college for much less? Why should you get debt forgiveness for studying French History?

Im a big believer in the liberal arts and have encouraged my kids to major in one. I have two English majors and one history major.

That's fantastic, but it's not an avenue into a lucrative trade. Sure, you can get a job and work your way up, and higher general ed is great, as far as being "educated." But life is not a cocktail party in the Hamptons.

Training for a good trade is important, and I like the idea of a sort of vetting of the would-be intellectuals, as I was an enlisted man who had to take a lot of shit from college graduate officers who couldn't hold a candle to many of the enlisteds, intellectually.

Really? The two English majors want to attend law school. What better major than learning how to communicate and write effectively?

Well then they’re going on to study something else. A trade, if you will. Not the same as graduating with a bs in English and trying to make your way.

Nonsense. I know that right wing internet memes ridicule the liberal arts, but businesses need people who can think, write, and communicate effectively, all which the liberal arts provides.

No offense but those liberal arts degrees are a dime a dozen.... Your kids are smart going for law degrees... And even that has a lot of competition.

[beagleboy]

We need Baristas also.


Most lawyers aren't lawyers. Like CPAs, chemists and engineers, they are launching pads to other professions.

[VinceBordenIII]

Why do students go to expensive, 2nd rate private colleges when they can go to JC and then a better public college for much less? Why should you get debt forgiveness for studying French History?

Im a big believer in the liberal arts and have encouraged my kids to major in one. I have two English majors and one history major.

That's fantastic, but it's not an avenue into a lucrative trade. Sure, you can get a job and work your way up, and higher general ed is great, as far as being "educated." But life is not a cocktail party in the Hamptons.

Training for a good trade is important, and I like the idea of a sort of vetting of the would-be intellectuals, as I was an enlisted man who had to take a lot of shit from college graduate officers who couldn't hold a candle to many of the enlisteds, intellectually.

Really? The two English majors want to attend law school. What better major than learning how to communicate and write effectively?

Well then they’re going on to study something else. A trade, if you will. Not the same as graduating with a bs in English and trying to make your way.

Nonsense. I know that right wing internet memes ridicule the liberal arts, but businesses need people who can think, write, and communicate effectively, all which the liberal arts provides.

I don't want this to be personal at all, but I wouldn't give a person with a basic degree any more consideration than I would someone who didn't go to college at all. If they can read/write/communicate well, that's all that should matter.

[spudoc]

Biker is 100% correct on this one. Vocational degrees are fine but you get people who, by their training, are somewhat limited in their creative thinking.
People with general liberal arts degrees have a much wider education perspective that gives them an advantage in out of the box thinking.

[Wut]

Im a big believer in the liberal arts and have encouraged my kids to major in one. I have two English majors and one history major.

That's fantastic, but it's not an avenue into a lucrative trade. Sure, you can get a job and work your way up, and higher general ed is great, as far as being "educated." But life is not a cocktail party in the Hamptons.

Training for a good trade is important, and I like the idea of a sort of vetting of the would-be intellectuals, as I was an enlisted man who had to take a lot of shit from college graduate officers who couldn't hold a candle to many of the enlisteds, intellectually.

Really? The two English majors want to attend law school. What better major than learning how to communicate and write effectively?

Well then they’re going on to study something else. A trade, if you will. Not the same as graduating with a bs in English and trying to make your way.

Nonsense. I know that right wing internet memes ridicule the liberal arts, but businesses need people who can think, write, and communicate effectively, all which the liberal arts provides.

I don't want this to be personal at all, but I wouldn't give a person with a basic degree any more consideration than I would someone who didn't go to college at all. If they can read/write/communicate well, that's all that should matter.

I would, the degree demonstrates a drive to accomplish and a more diversified knowledge base.

[Wut]

Why do students go to expensive, 2nd rate private colleges when they can go to JC and then a better public college for much less? Why should you get debt forgiveness for studying French History?

Im a big believer in the liberal arts and have encouraged my kids to major in one. I have two English majors and one history major.

That's fantastic, but it's not an avenue into a lucrative trade. Sure, you can get a job and work your way up, and higher general ed is great, as far as being "educated." But life is not a cocktail party in the Hamptons.

Training for a good trade is important, and I like the idea of a sort of vetting of the would-be intellectuals, as I was an enlisted man who had to take a lot of shit from college graduate officers who couldn't hold a candle to many of the enlisteds, intellectually.

Really? The two English majors want to attend law school. What better major than learning how to communicate and write effectively?

Well then they’re going on to study something else. A trade, if you will. Not the same as graduating with a bs in English and trying to make your way.

Nonsense. I know that right wing internet memes ridicule the liberal arts, but businesses need people who can think, write, and communicate effectively, all which the liberal arts provides.

I got an accounting degree and didn't learn shit about communications while in undergrad. I got a crash course in writing and speaking in my first year of law school.

My oldest studied psychology and a few languages in a small liberal arts school and did a huge amount of writing there.

[Charliesheen]

Real-estate firm Zillow cites medical and college liabilities as major hurdles for would-be renters and home buyers. Moody’s Investors Service listed the headwinds from student debt

What a smegma stain. Major hurdles against "affordability" are 30 and 40 year mortgages, coupled with a chokehold on new supply. Home prices and rents are market-driven. Bullshit lib arts degrees are artificially priced with no reflection on rate of return.

Retail on my kid's degree was over 200K. The school took the money I saved, plus a grant she got on her own, off the top of her "aid", making sure I had to bleed if I didn't want the kid to gradiate with in their eyes a perfectly acceptable 30 to 50 large in debt.

[DandyDon]

Why do students go to expensive, 2nd rate private colleges when they can go to JC and then a better public college for much less? Why should you get debt forgiveness for studying French History?

BC when mommy and daddy can afford it, they get into the Skull and Bones and the like which guarantees success. Just look at Kavanaugh for confirmation. Without the money (and the odd circumstances that led to his nomination) to set his career up, he did not have the disposition to be a Sears manager.

[DandyDon]

Real-estate firm Zillow cites medical and college liabilities as major hurdles for would-be renters and home buyers. Moody’s Investors Service listed the headwinds from student debt

What a smegma stain. Major hurdles against "affordability" are 30 and 40 year mortgages, coupled with a chokehold on new supply. Home prices and rents are market-driven. Bullshit lib arts degrees are artificially priced with no reflection on rate of return.

Retail on my kid's degree was over 200K. The school took the money I saved, plus a grant she got on her own, off the top of her "aid", making sure I had to bleed if I didn't want the kid to gradiate with in their eyes a perfectly acceptable 30 to 50 large in debt.

Mighty fine boot straps you threw her there chuck. Thats the way they should come up. Not like this, right?

[CHEEZY17]

So it actually is possible for a Latino woman to rise up and become a congressperson?! WTF. How did we let this happen?

We better call an emergency meeting of the official "Keeping minorities down" club!

[DandyDon]

So it actually is possible for a Latino woman to rise up and become a congressperson?! WTF. How did we let this happen?

We better call an emergency meeting of the official "Keeping minorities down" club!

You already did.

[CHEEZY17]

So it actually is possible for a Latino woman to rise up and become a congressperson?! WTF. How did we let this happen?

We better call an emergency meeting of the official "Keeping minorities down" club!

You already did.

Lets see:
Russians, racists...who else is making your life miserable Don?

[DandyDon]

So it actually is possible for a Latino woman to rise up and become a congressperson?! WTF. How did we let this happen?

We better call an emergency meeting of the official "Keeping minorities down" club!

You already did.

Lets see:
Russians, racists...who else is making your life miserable Don?

All things considered, my life is pretty much OK. If you exclude health issues, and what I owe the hospitals. It's always comforting knowing you owe more than you could possibly make in the next 3 years, much less pay them and your bills. I couldnt help getting sick, but it took aa 685 credit score to low 500s in a heartbeat. and I have still yet to miss a payment. Best system in the world, right?

[Charliesheen]

Real-estate firm Zillow cites medical and college liabilities as major hurdles for would-be renters and home buyers. Moody’s Investors Service listed the headwinds from student debt

What a smegma stain. Major hurdles against "affordability" are 30 and 40 year mortgages, coupled with a chokehold on new supply. Home prices and rents are market-driven. Bullshit lib arts degrees are artificially priced with no reflection on rate of return.

Retail on my kid's degree was over 200K. The school took the money I saved, plus a grant she got on her own, off the top of her "aid", making sure I had to bleed if I didn't want the kid to gradiate with in their eyes a perfectly acceptable 30 to 50 large in debt.

She ended up with a good job,no?

Well that fucks up my rant. Because yes, she did. Got her ass kicked in Seattle, and moved abroad, and is now making six figures in Latin America. Got her job because of a connection she made at Middlebury. The college had nothing to do with it. Meaning they promised to put together all these job interviews. Never happened. She saw something on a bulletin board and found that she was friends with a kid whose parent was offering the position.